WXX.to - West 49 Inc. reports fourth quarter sales
- Sales increase 22.1% compared to the fourth quarter of fiscal 2006 -
BURLINGTON, ON, Feb. 7 /CNW/ - West 49 Inc. (TSX: WXX - News; the "Company"), Canada's leading action sport retailer, today reported its sales results for the fourth quarter of fiscal 2007, ended January 27, 2007. Sales for the quarter increased 22.1% to $61.9 million from $50.7 million for the fourth quarter of last year. Approximately two thirds of the growth was attributable to new stores opened during the fiscal year, with the other third attributable to strong comparable store sales. Consolidated comparable store sales for the quarter increased 7.3%(1) compared to 5.4%(1) for the same period the year before. The Company's core West 49 banner achieved comparable store sales growth of 8.7% compared to 6.0% for the fourth quarter of fiscal 2006. At the end of the quarter the Company was operating 125 stores under seven banners compared to 107 stores under six banners the year before.
"Our solid sales performance in the fourth quarter capped off a strong year for West 49 Inc.," said Sam Baio, Chief Executive Officer of West 49 Inc. "Having anticipated a later start to the Holiday selling season, we strategically priced key items earlier in the quarter, driving exceptionally high comparable store sales for the months of November and December, which accounted for the majority of our fourth quarter sales. Our strategy was so successful that we depleted our inventories of some key products, which tempered sales for January. We now look forward to some of the exciting new merchandise that is now arriving at our stores for spring."
For the fiscal year, sales increased 44.6% to $195.3 million from $135.1 million last year. Consolidated comparable stores sales for the fiscal year grew by 5.9%(1) compared to 7.2%(1) for the year before. The West 49 banner had comparable store sales growth of 5.4%, following especially strong comparable store sales growth of 8.3% in fiscal 2006.
West 49 Inc.'s fourth quarter and fiscal year-end earnings are expected to be reported in mid-April.
About West 49 Inc.
West 49 Inc. is a multi-banner specialty retailer of apparel, footwear and accessories related to skateboarding, snowboarding, and surfing, as well as the music industry, and fashion-forward young women. The Company primarily targets "Generation Y" customers (ages 10 through 18). West 49 Inc. operates over 120 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic, D-Tox, and Duke's Northshore, and online retailer www.boardzone.com. West 49 Inc.'s common shares are listed on the Toronto Stock Exchange under the symbol WXX. The Company has approximately 64 million shares outstanding. |
